Dismal job market pushes Dow into 275-point plunge

Posted:
Friday, June 1, 2012 5:17 PM EDT

U.S. stocks are closing with their biggest declines this year after a dismal jobs report and troubling economic news from overseas.

The government said Friday that employers added a net 69,000 jobs in May, far fewer than analysts expected. Unemployment in the 17 countries that use the euro stayed at a record-high 11 percent, and there were signs that China's growth is slowing.

The Dow Jones industrial average closed down 275 points at 12,118, its biggest decline since November. The Dow is down 0.8 percent for the year.

The S&P 500 index closed down 32 points at 1,278. The Nasdaq composite index closed down 80 points at 2,747.

Six stocks fell for every one that rose on the New York Stock Exchange. Trading volume was heavy at 4.58 billion shares.